The successful high bidder on each property must sign the approved Memorandum of Sale immediately after the auction and pay a bidder's deposit, in cash or certified or cashier's check, of 20% of the bid amount as a down payment and a 10% Buyer's Premium. Payment in full of the balance, by cash, certified check, cashier's check or money order, must be made within 10 days of the Sale Date, as defined in the Memorandum of Sale, TIME BEING OF THE ESSENCE.
All certified checks, cashier's checks or money orders shall be made out to the order of “Jason A. Dunn, PLC". Persons intending to acquire more than one parcel
must tender separate checks for each parcel.
The Special Commissioner expressly reserves the right to reject any and all bids.
This sale is subject to confirmation by the Virginia Beach Circuit Court. Confirmation can take between 30 and 60 days from the Sale Date.
If the purchaser fails or refuses to tender the full purchase price to the Special Commissioner within 10 days of the Sale Date, the purchaser will be in breach of the agreement to buy the property.
Upon the purchaser's breach, the Special Commissioner may treat the sale as canceled and apply the deposit to the costs of the sale, with the remaining balance delivered to the City to be applied against amounts owed for the taxes. The property may then be resold at the risk and expense of the defaulting purchaser.
The Special Commissioner's retention of the deposit shall not limit any rights or remedies that exist against the defaulting purchaser.
The purchaser shall pay any closing costs, including the deed recordation fee, which will be calculated by the Special Commissioner and added to the balance owed by the purchaser.
Real estate taxes owed on the property at the time of the sale will be pro rated as of the Sale Date and paid to the City of Virginia Beach out of the sale proceeds after the Court confirms the sale and directs the Special Commissioner to disburse the funds.
The purchaser shall be responsible for paying any taxes owed after the Sale Date as they come due, as well as any maintenance of the outside of the Property.
If the Court does not confirm the sale, the Special Commissioner will refund all sums paid by the purchaser.
Title to the Property will be conveyed by General warranty deed after payment of the full purchase price, including the fee for recording the deed, the Court's confirmation of the sale and
entry of a decree directing the Special Commissioner to disburse the sale proceeds.
The Property will be sold without representations or warranties of any kind (except for the General warranty contained in the deed).
The Property will be sold "as is," in gross and not by the acre, and subject to, as provided by law, without limitation, restrictions, conditions, easements, liens or encumbrances of record, possible rights of parties in possession, encroachments, overlaps, gaps and gores, deficiency in quantity, all questions of boundaries, location and acreage which a current and accurate survey would disclose, roadways, environmental and wetland matters, unrecorded easements, matters which would be disclosed by an inspection of the premises, or any other matter of record or not of record.
The Special Commissioner does not warrant or convey title to personal property that might be on the property or within any dwelling.
Personal property includes, without limitation, such items as storage buildings, appliances, window treatments, furniture, automobiles, etc.
All parcels are bought at the purchaser's own risk. In short, these properties are sold "as is," "with all faults," and without any representation or any warranty of any kind, nature, or description.